MIRA Calls Upon Taxpayers That Do Not Meet Registration Requirements to Deregister
The MIRA has issued announcements requesting taxpayers who do not fulfil tax registration requirements under the Tax Administration Act, or GST registration requirements to deregister from tax.
The announcement, issued on 16 January 2019, reminds…
Cash Declaration Limit Changed
The Maldives Monetary Authority, on 17 January 2019, published the first amendment to the Regulation on Cross Border Currency Declaration Amount.
The changes introduced now require passengers travelling with USD 20,000 or more, and are travelling…
Overview of Residential Tenancy Bill
This publication gives an overview of the Residential Tenancy Bill that the Maldivian Government has submitted to the People’s Majlis on 6 December 2019.
MIRA does not have legal authority take legal action for non-tax payments: Supreme Court
In the case of Moosa Nasser v MIRA (2014/SC-A/41), the Supreme Court of Maldives on 22 June 2020, unanimously decided against the Maldives Inland Revenue Authority and held that MIRA does not have the legal authority to sue for lease rent due to the state.
Calculating your interim payment for 2020
Income Tax Act has special rules on calculation of interim payment where a taxpayer estimates the tax liability of this year to be lower than that of the previous year. This article explains how these rules can be applied in practice.
TAT Publishes Rules on Remote Hearings
On 15 June 2020, the Tax Appeal Tribunal has published rules on how the Tribunal will carry on with online proceedings and other matter pertinent to the Tribunal's process.
Tax Alert, 18 June 2020
This issue is focused on the Transfer Pricing Regulation (Regulation Number 2020/R-43) published by the Maldives Inland Revenue Authority (MIRA) on 10 June 2020.
Company Annual Fee for 2020 Payment Deferred
The Ministry of Economic Development, on 17 June 2020, announced that the payment date for company annual fees for 2020 has been deferred and that late payment fines will not be imposed.
Government announces that TGST payments can be made in Rufiyaa
Ministry of Finance announced that Tourism GST payments for taxable periods beginning from 1 April 2020 to 30 September 2020 can be made in Rufiyaa.
New Tax Payment Deadlines Announced
The MIRA announced, on 15 June 2020, the commencement of services of the Taxpayer Service Centre from 5 July onwards, and new deadlines for filing tax returns and payment of taxes, and other fees and charges.
Selling a land or property? Know your tax implications
From 1 January 2020 onwards, with the commencement of the Income Tax Act (ITA), land sales tax has been repealed and sale of properties will continue to be taxed under the Capital Gains Tax regime under the ITA.
Transfer Pricing Regulation Published
The Regulation governs and implements the requirements on transfer pricing imposed under Section 68 of the Income Tax Act (Law Number 25/2019).